Hewlett-Packard is poised to spin off its PC and printer arm, in a move that will in effect split the struggling US technology conglomerate in two, according to a person familiar with the situation.
The spin-off plan, which was first reported in the Wall Street Journal, would end a controversial, 13-year chapter in HP’s history that began when then-chief executive Carly Fiorina agreed to buy Compaq Computer, one of the largest US PC makers. Dissent from some members of the HP founders’ families almost led to a rejection of the deal by shareholders.
HP’s PC and printer businesses produced revenues of $55.9bn in its last financial year, almost identical to the combined $55.7bn of its enterprise computing, services and software divisions.
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